What does Salmon do?
Salmon is a Manila-based markets financial services firm that uses AI-enabled technology and a proprietary credit engine to offer consumer credit products such as Salmon Credit, Salmon Installment, and Salmon Cash Loans. The company operates a BSP-regulated bank along with SEC-licensed lending companies in the Philippines.
How much did they raise?
The funding round totaled $88M, comprising a $60M drawdown under a 3-year $150MM Nordic bond framework agreement and an additional $28M in new equity. Spice Expeditions led the equity component, with participation from Antler Elevate, International Finance Corporation, Abu Dhabi ADQ/Lunate, Northstar, Back in Black Capital, and Filipino investors.
What are their plans for the money?
Salmon plans to use the funds to expand its operations and intensify its development efforts, which could enhance the accessibility and simplicity of consumer credit offerings in the local market.
What have they achieved so far?
Since its founding in July 2022, Salmon has made significant strides by establishing regulatory compliant banking operations and leveraging advanced AI technology to differentiate its consumer credit services.
